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International Takaful Summit Masterclass 2009 Marketing Non-EU Takaful products in the EU

Anne Foster, Lovells LLP

Lovells LLP

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Introduction • General issues • Sample jurisdictions – UK, France and Spain

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General Issues • Location of target market • Direct marketing permissible? •

regulatory requirements

• Location of Takaful vehicle • •

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regulatory requirements tax

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Marketing products in the UK • Financial Services and Markets Act 2000 ("FSMA") • Carrying on a "regulated activity" in the UK – FSA authorisation required

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UK Options • Establish a new operation in the UK • Operate through existing UK vehicle • Distribution through FSA authorised intermediary

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European approaches: France •

Still at an early stage

•

Will have to operate in existing framework

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European approaches: Spain • Will apply same regime as conventional insurance • Spanish vehicle required – parent must have been authorised by home regulator and written same classes of business for at least 5 years

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Conclusion • A presence in an EU jurisdiction required BUT • Gain benefit of "passporting" regime

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Anne Foster: Marketing Non-EU Takaful products in the EU  

Takaful Masterclass: Lovells LLP